A 50-YEAR-OLD Ferrari, which is one of only three of its kind and described as one of the iconic carmaker’s most important models, is expected to sell for a whopping US$34 million.

    The 1965 handbuilt Ferrari, which has mainly been used as a road car even though it was designed to compete at motorsport events, can reach a top speed of 300 kmph.

    Despite it selling at auction for less than US$1.69 million in the mid-1990s, it is now expected to fetch US$34 million when it goes under the hammer in California next month.

    The stunning grey 275 GTB/C Speciale, known as 06701, was owned by an English colonel in the 1970s.

    It is made from super-lightweight aluminium and powered by a V12 engine which develops around 300bhp.

    There are only two other models exactly like it, and it is thought both of those may never go onto the open market again.

    The sports car is the star lot at RM Auctions’ Monterey sale in California next month.

    Shelby Myers, senior specialist at RM Auctions, said the car’s “almost unbelievable rarity and high performance are matched only by its stunning good looks.”

    The Ferrari’s first owner was a businessman who used it as a road car before selling it on to its next owner, who kept and maintained the vehicle for 25 years.

    It was later passed onto Ferrari collector, Brandon Wang, who showed it off at various competitive events, including the International Festival at Goodwood, Tutte Le Ferrari in Mugello and the 1997 Tour Auto. (SD-Agencies)